O-1996-2091 - Laserfiche WebLink

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e e IX. City hereby agrees to pay Attorney as compensation for services required hereunder Fifteen Percent (15%) of the amount collected of all delinquent taxes, penalty and interest of the years covered by this contract, (or the legal percentage, if said percentage change is required by operation of law during the term of this contract), actually collected and paid to the Collector of Taxes during the term of this contract, as and when collected. All compensation above provided for shall become the property of the Attorney at the time payment of taxes, penalty and interest is made to the Tax Collector of City. Amounts payable to Attorney shall be offset by refunds to Delinquent Taxpayers of collection fees as required by state law and reimbursements to City for Tax System as described in Section III. For each twelve month period, the reimbursement to City for Tax System shall be equal to 50% of the collection fees collected on City accounts with the minimum reimbursement in each period being $15,000 and the maximum being $30,000, payable as follows: . The first $15,000 of compensation to Attorney shall be held by City as reimbursement; . The second $15,000 of compensation to Attorney shall be held by Attorney; . Fifty percent of the next $30,000 of compensation to Attorney shall be held by City as reimbursement; and . Attorney shall be entitled to full payment of all amounts in excess of $60,000. City hereby agrees to pay over said funds due Attorney by the 20th of the month following collection of said funds. Funds not submitted by the required date shall incur interest at the rate of 8% per annum. X. This is a personal contract, and shall not be assignable by Attorney. This contract shall be effective from February 26, 1996, through February 28, 1998, and where permitted by law and mutual agreement of both parties, may be extended, at one year intervals, for an additional three years. Written notice must be given by each party as to their intent to extend the agreement 30 days prior to termination date. After termination, Attorney shall have an additional 10 months, plus necessary time for any appeals, to reduce to completion all valid suits outstanding at the date of termination as provided herein, provided, however, such additional period shall not preclude City from entering into a delinquent tax collection contract with another attorney. In consideration of the terms and compensation herein stated, Attorney hereby accepts said employment and undertakes the performance of this contract as above written. 3